MONEY MARKET: Germany's Good Name

Like watching a newsreel run backward,
delegates from 23 nations have been meeting in London, threading their
way through the financial tangles of two global wars. Phrases that were
headlines a quarter-century ago (Dawes Plan, Young Plan, Hoover
Moratorium) ran through their talk as they sought a way to settle
Germany's $6 billion foreign debt. The problem, said U.S. Delegate
Warren Lee Pierson, T.W.A. chairman and an old hand at international
financial powwows, was "probably the most complicated in financial
history." Last week, at a press conference in Manhattan, Pierson
announced...